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Thread: reddit now accepts Bitcoin

  1. #1

    Default reddit now accepts Bitcoin

    Pretty huge news as they have a ton of users. Spot is now $27 per coin.

    http://blog.reddit.com/2013/02/new-g...tcoin-and.html

    "Right now we're only accepting credit card payments from the US and Canada, but bitcoin payments can be made from anywhere in the world."
    The point...they get it.
    Last edited by muh_roads; 02-14-2013 at 04:25 PM.



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  3. #2

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    Yup, Bitcoin is chugging along very nicely
    My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right, tend to be unwilling or unable to accept blame )

  4. #3

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    Yup
    42

  5. #4

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    Reddit's CEO is a software engineer by trade and has been following bitcoin since the beginning. So props to him for making this happen. Would be great to see some other companies follow suit.


    I'm still waiting for a legit full featured bitcoin poker site to appear. Just need to reach the tipping point to drive investors in.
    Original supporter of Ron Paul since 2007 and I stand with Rand.

  6. #5

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    I wish Steam would start accepting them, but it looks like Gabe is making his own currency scheme to allow foreigners to buy games easier. His team understands the value in having your own currency. Too bad his will be endless inflation.

    The best thing to do is reach out and send e-mails to companies for their support. We should really organize mailbombs.

  7. #6

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    Quote Originally Posted by brandon View Post
    I'm still waiting for a legit full featured bitcoin poker site to appear. Just need to reach the tipping point to drive investors in.
    https://sealswithclubs.eu/

    It doesn't use government currency so it is legal.

  8. #7

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    Who knew about Bitcoins in 2009, and why didn't you tell all of us here to buy some?
    • Negativity is ignorance, and ignorance is your own personal tyranny. It tells you how to act, how to talk, how to think, and what to feel. You will never see a world without tyrants until you release your own. ~Honored to be Among You

    How does Ron stay so calm?

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  9. #8

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    Quote Originally Posted by Indy Vidual View Post
    Who knew about Bitcoins in 2009, and why didn't you tell all of us here to buy some?
    I didn't discover them until $6 spot in Summer 2012. They are worth $27 now. I wasn't nearly as lucky as those that got in for less than a penny spot. It pisses me off too but it will only go up from here IMO. It is a true market based entirely on supply and demand without any asshole banks paper shorting as is the case with silver. And as more get involved the price should just keep going up because of scarcity. And there will be plenty to go around because despite there only ever being 21 million in existence, it is divisible by 8 decimal places.

    I highly would suggest getting involved. It is never too late IMO.

    This guy is not computer savvy but he at least greatly understands the potential here...

    Last edited by muh_roads; 02-15-2013 at 10:58 PM.

  10. #9

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    Quote Originally Posted by Paladin69 View Post
    I didn't discover them until $6 spot in Summer 2012. They are worth $27 now. I wasn't nearly as lucky as those that got in for less than a penny spot. It pisses me off too but it will only go up from here IMO.


    They were worth around $27 in 2011 as well, and then they crashed down to under $5. You didn't miss anything, it's been a gamble all along. No one knows what the future holds, but I bet you get another buying chance under $10 in the next couple years. The only people really making out here are the original miners from back in 2009/2010. They are doing great.
    Original supporter of Ron Paul since 2007 and I stand with Rand.

  11. #10

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    Quote Originally Posted by brandon View Post
    They were worth around $27 in 2011 as well, and then they crashed down to under $5. You didn't miss anything, it's been a gamble all along. No one knows what the future holds, but I bet you get another buying chance under $10 in the next couple years. The only people really making out here are the original miners from back in 2009/2010. They are doing great.
    The first rise to $31 was definitely based on speculation as it happened almost overnight when Silk Road was reported by Gawker.

    Things have changed and if you look at a chart the rise has been much more steady.

  12. #11

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    Quote Originally Posted by Paladin69 View Post
    The first rise to $31 was definitely based on speculation as it happened almost overnight when Silk Road was reported by Gawker.

    Things have changed and if you look at a chart the rise has been much more steady.

    Yea but any little thing could cause a sell off. If the US gov were to consider legislation banning them or started shutting down the payment processors that's all it would take for another crash. I think bitcoins are awesome but buying them now for any reason other than silk road type transactions is just a complete gamble.
    Original supporter of Ron Paul since 2007 and I stand with Rand.

  13. #12
    Member opal's Avatar
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    *kicks self for not getting them at around $12 when I looked into it a while back
    Disclaimer: any post made after midnight and before 8AM is made before the coffee dip stick has come up to optomim level - expect some level of silliness,

    The problems we face today exist because the people who work for a living are out numbered by those who vote for a living !!!!!!!

  14. #13

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    Quote Originally Posted by Indy Vidual View Post
    Who knew about Bitcoins in 2009, and why didn't you tell all of us here to buy some?
    I knew about Bitcoin since February 2011 and I told all of you:
    http://www.ronpaulforums.com/showthr...hlight=bitcoin
    http://www.ronpaulforums.com/showthr...hlight=bitcoin


    But check how many people listened to reason, logic and empirical evidence? Very few. Most rejected the idea of such a technology possibly being sound and they let their ego and preconceived notions take over their opinion. Well, serves them right to have missed the early days. But hey, it's still fairly early if you believe like I do that Bitcoin is going to be very big one day.
    Last edited by hazek; 02-16-2013 at 12:19 PM.
    My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right, tend to be unwilling or unable to accept blame )

  15. #14

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    Quote Originally Posted by brandon View Post
    Yea but any little thing could cause a sell off. If the US gov were to consider legislation banning them or started shutting down the payment processors that's all it would take for another crash. I think bitcoins are awesome but buying them now for any reason other than silk road type transactions is just a complete gamble.
    Bitcoin is worldwide, so whatever the US gov tries to do will have very little effect. Just as they have been very ineffective in stopping bit torrent technology.

    Staying in US Dollars is also a complete gamble.

  16. #15

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    Quote Originally Posted by Paladin69 View Post
    Bitcoin is worldwide, so whatever the US gov tries to do will have very little effect. Just as they have been very ineffective in stopping bit torrent technology.

    Staying in US Dollars is also a complete gamble.
    Nah, I do think if they actually did (although it's a legal nightmare to do so since doing so would make certain technologies illegal that major companies depend on..) but if they did this I suspect the exchange rate would drop quite a bit but at the same time I don't think such a draw back could possibly kill Bitcoin and eventually I do believe it would recover.

    But like I said, making Bitcoin illegal is a legal night mare.
    My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right, tend to be unwilling or unable to accept blame )

  17. #16

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    They will try and take out bitcoin with legislation aimed at financial institutions. At some point you need to turn your bitcoins into dollars and that's where the Fed's will nail you like they've nailed Iran.

    The way round it would be for an overseas service to turn bitcoins into gold coins and then have them posted to you. That's pretty much full proof so putting bitcoin on the gold standard is the way to stop the inevitable laws.

    Could be a good idea for a business, turn bitcoins into 1/10th oz gold coins and add a premium.
    Last edited by itshappening; 02-16-2013 at 01:02 PM.

  18. #17

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    Quote Originally Posted by itshappening View Post
    At some point you need to turn your bitcoins into dollars
    This is true less and less by the day since more and more merchants are coming online and you can do more and more of your spending needing nothing but bitcoins. There will come a day when you will be able to do all of it in bitcoins, I'm sure of it and then what are they going to do? Ban peer to peer TCP/IP communaction? Ban public key cryptography? What? it's a legal nightmare to ban Bitcoin, I assure you.

    Quote Originally Posted by itshappening View Post
    The way round it would be for an overseas service to turn bitcoins into gold coins and then have them posted to you. That's pretty much full proof so putting bitcoin on the gold standard is the way to stop the inevitable laws.

    Could be a good idea for a business, turn bitcoins into 1/10th oz gold coins and add a premium.
    Oh you mean something like this: http://www.coinabul.com/
    Last edited by hazek; 02-16-2013 at 01:38 PM.
    My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right, tend to be unwilling or unable to accept blame )

  19. #18

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    Yeah I see what you mean Hazek but people are not going to keep thousands in bitcoin wallets. The future for bitcoin will be in quick, one off transactions and cashing out quickly. No one wants to keep thousands in bitcoins for a long period of time because you can get hacked/lose your key/forget password or whatever? I don't know.

    I see they've already thought about the >gold then, yeah that's probably the best thing but they need to be outside the United States. See, if i was a bitcoin user/merchant I would cash my wallet out for half ounce gold coin (900 bucks) every time I had that much in it. Kind of like how you dont want to have thousands tied up in Paypal account because they can freeze your account at any time except with bitcoin you won't be able to link your bank account in the future when the Feds pass laws to try and deal with it.
    Last edited by itshappening; 02-16-2013 at 02:17 PM.

  20. #19

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    Quote Originally Posted by itshappening View Post
    No one wants to keep thousands in bitcoins for a long period of time
    If that were true the price wouldn't have gone from less than a penny to the $27 it is now. Supply is low and it is starting to shrink faster than what miners can produce since "halving day". Lots of people have thousands already because they recognize the vast potential here. People that buy things with btc are seeing deflation in prices almost daily. It's a digital gold standard. It is really a beautiful thing.

    Quote Originally Posted by itshappening View Post
    except with bitcoin you won't be able to link your bank account in the future when the Feds pass laws to try and deal with it.
    You don't need a bank account. https://localbitcoins.com/

    These services are only growing. Not shrinking. There isn't anything the feds can do to put a complete stop to it. It is global.

    EDIT: If anyone is curious to get in, I would highly suggest starting with localbitcoins and bring your smartphone with you. There are many techie libertarians out there willing to help you.
    Last edited by muh_roads; 02-16-2013 at 09:51 PM.

  21. #20

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    Wow...I'm shocked at the price for one bitcoin. I was thinking of getting into it last year, but the whole $30 to $5 thing scared me off. Of course, now that I'm getting into bitcoin, it'll drop back down the $5.

    I'm getting into this one verrrryyy slowly. Spent the whole day trying to figure out how it works. A lot of the CPU lingo goes beyond my comprehension, but I get the basics now.
    My 2016 prediction: Hillary Clinton will NOT run for president.

    Rand Paul 2016

  22. #21

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    Quote Originally Posted by ronpaulfollower999 View Post
    Wow...I'm shocked at the price for one bitcoin. I was thinking of getting into it last year, but the whole $30 to $5 thing scared me off. Of course, now that I'm getting into bitcoin, it'll drop back down the $5.

    I'm getting into this one verrrryyy slowly. Spent the whole day trying to figure out how it works. A lot of the CPU lingo goes beyond my comprehension, but I get the basics now.
    If it drops then you buy more. We already play this game with metals.

    I'll definitely help out however I can if people are confused. Same with hazek. I want to see people have the chance to prosper and prosper well.

    Bitcoin was started by nerds so the confusion is understandable. But this is really the only way I can think of how to start a new money completely controlled by the people and not by governments. Things are only going to keep getting better and easier to use from here.

    If you're frustrated about missing the boat. Just imagine all the people who mined in the beginning and got a shit load because the difficulty was so low. People formatted their hard drives without caring about their bitcoins. Many are probably kicking themselves now because some could literally have had 5-6+ figures worth.

    The only prerequisite I think people need is a basic understanding of the law of supply & demand. Luckily everyone here already knows this. Everything else is just a technical learning curve to get in. If you can use a computer you can learn to use bitcoins.
    Last edited by muh_roads; 02-16-2013 at 10:04 PM.

  23. #22

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    Quote Originally Posted by ronpaulfollower999 View Post
    Spent the whole day trying to figure out how it works. A lot of the CPU lingo goes beyond my comprehension, but I get the basics now.
    Please.. Share how you're view of Bitcoin has changed once it clicked for you just how, from a technological standpoint, it works. I bet it changed everything, from "This is a CIA psyops scam ponzi scheme!!11" to "What a brilliant piece of technology!".
    My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right, tend to be unwilling or unable to accept blame )

  24. #23

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    I still don't get the whole bit coin thing. Some aspects still confuse me. Wish I would have got in early like others have stated though.
    "Life, Liberty and the pursuit of Happiness"

  25. #24

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    Quote Originally Posted by QuickZ06 View Post
    I still don't get the whole bit coin thing. Some aspects still confuse me. Wish I would have got in early like others have stated though.
    Perhaps reading this might help you: Wrapping your head around Bitcoin (a guide ~10min reading time)

    Black & white link, if you prefer that.
    My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right, tend to be unwilling or unable to accept blame )

  26. #25

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    Quote Originally Posted by hazek View Post
    Please.. Share how you're view of Bitcoin has changed once it clicked for you just how, from a technological standpoint, it works. I bet it changed everything, from "This is a CIA psyops scam ponzi scheme!!11" to "What a brilliant piece of technology!".
    I started to understand how it worked. I think it's setting up to be the way most transactions on the Internet are done in the future.
    My 2016 prediction: Hillary Clinton will NOT run for president.

    Rand Paul 2016

  27. #26

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    Quote Originally Posted by QuickZ06 View Post
    I still don't get the whole bit coin thing. Some aspects still confuse me. Wish I would have got in early like others have stated though.
    What are you confused about?

  28. #27

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    Quote Originally Posted by ronpaulfollower999 View Post
    I started to understand how it worked. I think it's setting up to be the way most transactions on the Internet are done in the future.
    Aside from the scarcity in supply, its biggest benefit is something most of us in the west have never had to worry about. Many people in more dictatorial countries than ours have to jump through tons of hoops to wire transfer out of their country. In many cases they can't wire outward at all. Businesses in China have this problem with sending money out. Bitcoin allows them to pay their vendors instantly to anywhere around the world and get around all the regulations. Vendors that work with these countries love Bitcoin.

    As time rolls on, more and more people will keep getting involved. Making them more scarce. Causing the price to rise. It is a true free market in the real sense of the term. The price is based entirely on buy/sell orders with no phony manipulation. You can't fake out the system and double-spend a bitcoin.

    Everything about this is quite awesome. Instead of waiting for governments to give us a gold standard which will never happen...we have a digital version right here and now.

    If there is one thing I've learned from all of this...is that intrinsic value is overrated so long as no single entity is in control.
    Last edited by muh_roads; 02-17-2013 at 05:04 PM.





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